Is Institutional Investment in Initial Public Offerings Related to Long-Run Performance of These Firms?
Is Institutional Investment in Initial Public Offerings Related to Long-Run Performance of These Firms?
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首次公开募股中的机构投资与这些公司的长期业绩相关吗？
DOI：
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发表时间：
1995
期刊：
影响因子：
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通讯作者：
L. Field
中科院分区：
文献类型：
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作者：
L. Field
多年来，学术和商业文献中一直记录着首次公开募股的长期表现非常糟糕，但对这些公司的投资仍然一如既往地受欢迎。这项研究考察了机构股东在发行日期后不久的持股情况，发现即使在控制了几个公司特征后，机构持股较多的首次公开募股往往会获得显著高于机构持股较少的长期回报。事实上，我们发现，在上市日期后不久，机构持股较高的首次公开募股(IPO)的表现似乎并不显著逊于与公司规模匹配的经验丰富的公司组合，而机构持股较少的首次公开募股(IPO)的长期收益往往低于无风险利率。
The phenomenally poor long-run performance of initial public offerings has been documented in the academic and business literature for many years now, yet investment in these firms continues to be as popular as ever. This study examines the holdings of institutional shareholders soon after the offering date and finds that initial public offerings having larger institutional shareholding tend to subsequently earn significantly higher long-run returns than those with smaller institutional shareholdings, even after controlling for several firm characteristics. Indeed, we find that initial public offerings with higher institutional ownership soon after the offering date do not appear to significantly underperform a portfolio of seasoned firms matched by firm size, while initial public offering with smaller institutional shareholdings frequently earn less than the risk-free rate in the long-run.